Markets range-bound over weak global cues

Mumbai, May 14

Key equity indices opened marginally higher but turned range-bound on Tuesday over weak global cues and increasing nervousness owing to the ongoing general elections.

Markets saw a lack of participation owing to the heightened US-China trade tension.

China on Monday retaliated with $60 billion tariffs against $200 billion worth of tariffs that the US slapped it with last week.

The Sensex of the BSE opened at 37,146.58 from its previous close at 37,090.82 on Monday.

At 10.33 a.m., the Sensex traded at 37,052.92 down 37.90 points or 0.10 per cent.

The Nifty of the National Stock Exchange (NSE) opened at 11,151.65 after closing at 11,148.20 on Monday.

The Nifty traded at 11,127.25 during the morning trade session, down 20.95 points and 0.19 per cent.

Besides the Consumer price index (CPI) inflation released on Monday was at a six month high of 2.92 per cent for April.

Auto stocks dropped over 1 per cent on the NSE and IT, media and metal stocks were also witnessing heavy selling pressure.

Foreign Institutional Investors sold stocks worth Rs 1,056.01 crore on Monday while Domestic Institutional Investors bought scrips Rs 1,057.91 crore scrips.